And for the first time in decades, another Asian giant is set to
overtake Beijing. India looks likely to outstrip China's growth
in the years ahead.

Barclays economists said they still expected the risks to China's
target were to the downside, with a lengthy shopping list of
potential problems. Here's what they said in a recent note:

We see downside risks to our GDP growth forecasts of 7.0% for
2015 and 6.6% for 2016 ...

The housing market correction and high levels of industry excess
capacity will continue to weigh on growth, while monetary and
fiscal policies are constrained by concerns about elevated debt
levels, large contingent fiscal liabilities, the potential for a
financial crisis, and long-term sustainability.

But a major economy elsewhere in Asia is coming into its own.
India is the continent's new growth star: Delhi's growth targets
are now significantly higher than China's, at 8% to 8.5% for 2015
and 2016, announced in the country's latest budget a week ago.

If these forecasts are accurate, India will be recording faster
GDP growth than China for the first time in the 21st century. If
China keeps slowing down and India holds its pace, it could be
the first sustained period in modern history.

World Bank

There is no guarantee that Indian Prime Minister Narendra Modi, a
reform-pushing Hindu nationalist, will be able to spur
significant and entrenched growth.

The Indian economy has been a constant underperformer, and even
solid growth will leave it significantly smaller than China. But
people are now more optimistic about India than they have been in
years — while pessimism about China is still growing.